(a) the free float of the share is: (i) not less than EUR 100 million for shares admitted to trading on a regulated market; (ii) not less than EUR 200 million for shares that are only traded on MTFs;
(b) the average daily number of transactions in the share is not less than 250; (c) the average daily turnover for the share is not less than EUR 1 million.
Commission Delegated Regulation (EU) 2017/567 of 18 May 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to definitions, transparency, portfolio compression and supervisory measures on product intervention and positions (Text with EEA relevance. )
(a) the free float is not less than EUR 100 million; (b) the average daily number of transactions in the depositary receipt is not less than 250; (c) the average daily turnover for the depositary receipt is not less than EUR 1 million.
(a) the free float is not less than 100 units; (b) the average daily number of transactions in the exchange traded fund is not less than 10; (c) the average daily turnover for the exchange traded fund is not less than EUR 500000 .
(a) the free float is not less than EUR 1 million; (b) the average daily number of transactions in the certificate is not less than 20; (c) the average daily turnover for the certificate is not less than EUR 500000 .
(a) before the financial instrument is first traded on the trading venue, as specified in Articles 1(5), 2(4), 3(4) and 4(4); (b) between the end of the first four weeks of trading and the end of the first six weeks of trading of the financial instrument. The assessment for this scenario shall be based on the free float as at the last trading day of the first four weeks of trading, the average daily number of transactions and the average daily turnover taking into consideration all transactions executed in the Union for that financial instrument during the first four weeks of trading; (c) between the end of every calendar year and before 1 March of the following year for financial instruments traded on a trading venue before 1 December of the relevant calendar year. The assessment for this scenario shall be based on the free float as at the last trading day of the relevant calendar year, the average daily number of transactions and the average daily turnover taking into consideration all transactions executed in the Union for that financial instrument in that year; (d) immediately after the moment where, following a corporate action, any previous assessment has changed.
(a) for a period of six weeks commencing on the first day of trading of the financial instrument where the assessment is carried out pursuant to paragraph 1(a) of this Article; (b) for a period commencing six weeks after the first day of trading of that financial instrument and ending on 31 March of the year of publication of the information in accordance with paragraph 1(c) of this Article where the assessment is carried out pursuant to paragraph 1(b) of this Article; (c) for a period of one year commencing on 1 April following the date of publication where the assessment is carried out pursuant to paragraph 1(c) of this Article.
(a) for financial instruments which are admitted to trading for the first time, before the day on which the financial instrument is first traded; (b) for financial instruments already admitted to trading, in all the following timeframes: (i) no later than three days after the end of the first four weeks of trading; (ii) after the end of every calendar year but no later than 3 January of the following year; (iii) immediately after the moment where, following a corporate action, the information previously submitted to the competent authority has changed.
(a) the scope and scale of the market data including the number of financial instruments covered and their trading volume; (b) the use made by the customer of the market data, including whether it is used for the customer's own trading activities, for resale or for data aggregation.
(a) current price lists, including: fees per display user; non-display fees; discount policies; fees associated with licence conditions; fees for pre-trade and for post-trade market data; fees for other subsets of information, including those required in accordance with Commission Delegated Regulation (EU) 2017/572 Commission Delegated Regulation (EU) 2017/572 of 2 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on the specification of the offering of pre-and post-trade data and the level of disaggregation of data (see page 142 of this Official Journal).other contractual terms and conditions regarding the current price list;
(b) advance disclosure with a minimum of 90 days' notice of future price changes; (c) information on the content of the market data including: (i) the number of instruments covered; (ii) the total turnover of instruments covered; (iii) pre-trade and post-trade market data ratio; (iv) information on any data provided in addition to market data; (v) the date of the last licence fee adaption for market data provided;
(d) revenue obtained from making market data available and the proportion of that revenue compared to the total revenue of the market operator and investment firm operating a trading venue or systematic internalisers; (e) information on how the price was set, including the cost accounting methodologies used and the specific principles according to which direct and variable joint costs are allocated and fixed joint costs are apportioned, between the production and dissemination of market data and other services provided by market operators and investment firms operating a trading venue or systematic internalisers.
(a) the content of the quote is in a format which can be understood by the average reader; (b) the quote is published on the systematic internaliser's website and the website's homepage contains clear instructions for accessing the quote.
(a) the trading venue where the financial instrument was first admitted to trading or the most relevant market in terms of liquidity halts trading for that financial instrument in accordance with Article 48(5) of Directive 2014/65/EU; (b) the trading venue where the financial instrument was first admitted to trading or the most relevant market in terms of liquidity allows market making obligations to be suspended; (c) in the case of an exchange traded fund, a reliable market price is not available for a significant number of instruments underlying the ETF or the index; (d) a competent authority prohibits short sales in that financial instrument according to Article 20 of Regulation (EU) No 236/2012 of the European Parliament and of the Council Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps (OJ L 86, 24.3.2012, p. 1 ).
(a) the price is within the bid and offer quotes of the systematic internaliser; (b) the quotes referred to in point (a) reflect prevailing market conditions for the relevant financial instrument in accordance with Article 14(7) of Regulation (EU) No 600/2014.
(a) require each participant to the portfolio compression to specify the participant's risk tolerance including specifying a limit for counterparty risk, a limit for market risk and a cash payment tolerance. Investment firms and market operators shall respect the risk tolerance specified by the participants in the portfolio compression; (b) link the derivatives submitted for portfolio compression and submit to each participant a portfolio compression proposal that includes the following information: (i) the identification of the counterparties affected by the compression, (ii) the related change to the combined notional value of the derivatives, (iii) the variation of the combined notional amount compared to the risk tolerance specified.
(a) a list of derivatives submitted for inclusion in the portfolio compression, (b) a list of derivatives replacing the terminated derivatives, (c) a list of derivatives changed or terminated as a result of the portfolio compression, (d) the number of derivatives and their value expressed in terms of notional amount.
(a) the degree of complexity of the financial instrument or type of financial activity or practice in relation to the type of clients, as assessed in accordance with point (c), involved in the financial activity or financial practice, or to whom the financial instrument is marketed or sold, taking into account, in particular: the type of the underlying or reference assets and the degree of transparency of the underlying or reference assets; the degree of transparency of costs and charges associated with the financial instrument, financial activity or financial practice and, in particular, the lack of transparency resulting from multiple layers of costs and charges; the complexity of the performance calculation, taking into account in particular whether the return is dependent on the performance of one or more underlying or reference assets which are in turn affected by other factors or whether the return depends not only on the values of the underlying or reference assets at the initial and maturity dates, but also on the values during the lifetime of the product; the nature and scale of any risks; whether the instrument or service is bundled with other products or services; or the complexity of any terms and conditions;
(b) the size of potential detrimental consequences, considering in particular: the notional value of the financial instrument; the number of clients, investors or market participants involved; the relative share of the product in investors' portfolios; the probability, scale and nature of any detriment, including the amount of loss potentially suffered; the anticipated duration of the detrimental consequences; the volume of the issuance; the number of intermediaries involved; the growth of the market or sales; or the average amount invested by each client in the financial instrument;
(c) the type of clients involved in a financial activity or financial practice or to whom a financial instrument is marketed or sold, taking into account, in particular: whether the client is a retail client, a professional client or an eligible counterparty; clients' skills and abilities, including the level of education, experience with similar financial instruments or selling practices; clients' economic situation, including their income and wealth; clients' core financial objectives, including pension saving and home ownership financing; or whether the instrument or service is being sold to clients outside the intended target market or whether the target market has not been adequately identified;
(d) the degree of transparency of the financial instrument or type of financial activity or practice, taking into account, in particular: the type and transparency of the underlying; any hidden costs and charges; the use of techniques drawing clients' attention but not necessarily reflecting the suitability or overall quality of the financial instrument, financial activity or financial practice; the nature of risks and transparency of risks; or the use of product names or terminology or other information that imply a greater level of security or return than those which are actually possible or likely, or which imply product features that do not exist;
(e) the particular features or components of the financial instrument, financial activity or financial practice, including any embedded leverage, taking into account, in particular: the leverage inherent in the product; the leverage due to financing; the features of securities financing transactions; or the fact that the value of any underlying is no longer available or reliable;
(f) the existence and degree of disparity between the expected return or profit for investors and the risk of loss in relation to the financial instrument, financial activity or financial practice, taking into account, in particular: the structuring costs of such financial instrument, activity or practice and other costs; the disparity in relation to the issuer's risk retained by the issuer; or the risk/return profile;
(g) the ease and cost with which investors are able to sell the relevant financial instrument or switch to another financial instrument, taking into account, in particular: the bid/ask spread; the frequency of trading availability; the issuance size and size of the secondary market; the presence or absence of liquidity providers or secondary market makers; the features of the trading system; or any other barriers to exit;
(h) the pricing and associated costs of the financial instrument, financial activity or financial practice, taking into account, in particular: the use of hidden or secondary charges; or charges that do not reflect the level of service provided;
(i) the degree of innovation of a financial instrument, a financial activity or a financial practice, taking into account, in particular: the degree of innovation related to the structure of the financial instrument, financial activity or financial practice, including embedding and triggering; the degree of innovation relating to the distribution model or length of the intermediation chain; the extent of innovation diffusion, including whether the financial instrument, financial activity or financial practice is innovative for particular categories of clients; innovation involving leverage; the lack of transparency of the underlying; or the past experience of the market with similar financial instruments or selling practices;
(j) the selling practices associated with the financial instrument, taking into account, in particular: the communication and distribution channels used; the information, marketing or other promotional material associated with the investment; the assumed investment purposes; or whether the decision to buy is secondary or tertiary following an earlier purchase;
(k) the financial and business situation of the issuer of a financial instrument, taking into account, in particular: the financial situation of the issuer or any guarantor; or the transparency of business situation of the issuer or guarantor;
(l) whether there is insufficient, or unreliable, information about a financial instrument, provided either by the manufacturer or the distributors, to enable market participants at whom it is targeted to make an informed decision, taking into account the nature and type of the financial instrument; (m) whether the financial instrument, financial activity or financial practice poses a high risk to the performance of transactions entered into by participants or investors in the relevant market; (n) whether the financial activity or financial practice would significantly compromise the integrity of the price formation process in the market concerned, such that the price or value of the financial instrument in question is no longer determined according to legitimate market forces of supply and demand, or such that market participants are no longer able to rely on the prices formed in that market or in the volumes of trading as a basis for their investment decisions; (o) whether the characteristics of a financial instrument make it particularly susceptible to being used for the purposes of financial crime and, in particular whether those characteristics could potentially encourage the use of the financial instrument for: any fraud or dishonesty; misconduct in, or misuse of information in relation to a financial market; handling the proceeds of crime; the financing of terrorism; or facilitating money laundering;
(p) whether the financial activity or financial practice poses a particularly high risk to the resilience or smooth operation of markets and their infrastructure; (q) whether a financial instrument, financial activity or financial practice could lead to a significant and artificial disparity between prices of a derivative and those in the underlying market; (r) whether the financial instrument, financial activity or financial practice poses a high risk of disruption to financial institutions deemed to be important to the financial system of the Union; (s) the relevance of the distribution of the financial instrument as a funding source for the issuer; (t) whether a financial instrument, financial activity or financial practice poses particular risks to the market or payment systems infrastructure, including trading, clearing and settlement systems; or (u) whether a financial instrument, financial activity or financial practice may threaten investors' confidence in the financial system.
(a) the degree of complexity of a structured deposit or type of financial activity or practice in relation to the type of clients, as assessed in accordance with point (c), involved in the financial activity, or financial practice, taking into account, in particular: the type of the underlying or reference assets and the degree of transparency of the underlying or reference assets; the degree of transparency of costs and charges associated with the structured deposit, financial activity or financial practice and, in particular, the lack of transparency resulting from multiple layers of costs and charges; the complexity of the performance calculation, taking into account in particular whether the return is dependent on the performance of one or more underlying or reference assets which are in turn affected by other factors or whether the return depends not only on the values of the underlying or reference assets at the initial and maturity or interest payment dates, but also on the values during the lifetime of the product; the nature and scale of any risks; whether the structured deposit or service is bundled with other products or services; or the complexity of any terms and conditions;
(b) the size of potential detrimental consequences, considering, in particular: the notional value of an issuance of structured deposits; the number of clients, investors or market participants involved; the relative share of the product in investors' portfolios; the probability, scale and nature of any detriment, including the amount of loss potentially suffered; the anticipated duration of the detrimental consequences; the volume of the issuance; the number of institutions involved; the growth of the market or sales; the average amount invested by each client in the structured deposit; or the coverage level defined in Directive 2014/49/EU of the European Parliament and of the Council Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149 ).
(c) the type of clients involved in a financial activity or financial practice or to whom a structured deposit is marketed or sold, taking into account, in particular: whether the client is a retail client, a professional client or an eligible counterparty; clients' skills and abilities, including level of education, experience with similar financial products or selling practices; clients' economic situation, including income, wealth; clients' core financial objectives, including pension saving, home ownership financing; whether the product or service is being sold to clients outside the intended target market or where the target market has not been adequately identified; or the eligibility for coverage by a deposit guarantee scheme;
(d) the degree of transparency of the structured deposit or type of financial activity or financial practice, taking into account, in particular: the type and transparency of the underlying; any hidden costs and charges; the use of techniques drawing clients' attention but not necessarily reflecting the suitability or overall quality of the product or service; the type and transparency of risks; the use of product names or of terminology or other information that is misleading by implying product features that do not exist; or whether the identity of deposit takers which might be responsible for the client's deposit, is disclosed;
(e) the particular features or components of the structured deposit or financial activity or financial practice, including any embedded leverage, taking into account, in particular: the leverage inherent in the product; the leverage due to financing; or the fact that the value of any underlying is no longer available or reliable;
(f) the existence and degree of disparity between the expected return or profit for investors and the risk of loss in relation to the structured deposit, financial activity or financial practice, taking into account, in particular: the structuring costs of such structured deposits, activity or practice and other costs; the disparity in relation to the issuer's risk retained by the issuer; or the risk-return profile;
(g) the costs of and ease with which investors are able to exit a structured deposit, in particular considering: the fact that early withdrawal is not allowed; or any other barriers to exit;
(h) the pricing and associated costs of the structured deposit, financial activity or financial practice, taking into account, in particular: the use of hidden or secondary charges; or charges that do not reflect the level of service provided;
(i) the degree of innovation of a structured deposit, a financial activity or a financial practice, taking into account, in particular: the degree of innovation related to the structure of the structured deposit, financial activity or financial practice, including embedding and triggering; the degree of innovation relating to the distribution model or length of the intermediation chain; the extent of innovation diffusion, including whether the structured deposit, financial activity or financial practice is innovative for particular categories of clients; innovation involving leverage; the lack of transparency of the underlying; or the past experience of the market with similar structured deposits or selling practices;
(j) the selling practices associated with the structured deposit, taking into account, in particular: the communication and distribution channels used; the information, marketing or other promotional material associated with the investment; the assumed investment purposes; or whether the decision to buy is a secondary or tertiary following an earlier purchase;
(k) the financial and business situation of the issuer of a structured deposit, taking into account, in particular: the financial situation of the issuer or any guarantor; or the transparency of the business situation of the issuer or guarantor;
(l) whether there is insufficient or unreliable information about a structured deposit, provided either by the manufacturer or the distributors, to enable market participants at whom it is targeted to make an informed decision, taking into account the nature and type of the structured deposit; (m) whether the structured deposit, the financial activity or the financial practice poses a high risk to the performance of transactions entered into by participants or investors in the relevant market; (n) whether the structured deposit, the financial activity or the financial practice would leave the Union economy vulnerable to risks; (o) whether the characteristics of a structured deposit make it particularly susceptible to being used for the purposes of financial crime and, in particular whether those characteristics could potentially encourage the use of structured deposits for: any fraud or dishonesty; misconduct in, or misuse of information, in relation to a financial market; handling the proceeds of crime; the financing of terrorism; or facilitating money laundering;
(p) whether the financial activity or financial practice poses a particularly high risk to the resilience or smooth operation of markets and their infrastructure; (q) whether a structured deposit, a financial activity or a financial practice could lead to a significant and artificial disparity between prices of a derivative and those in the underlying market; (r) whether the structured deposit, a financial activity or a financial practice poses a high risk of disruption to financial institutions deemed to be important to the financial system of the Union, in particular considering the hedging strategy pursued by financial institutions in relation to the issuance of the structured deposit, including the mispricing of the capital guarantee at maturity or the reputational risks posed by the structured deposit or practice or activity to the financial institutions; (s) the relevance of the distribution of structured deposit as a funding source for the financial institution; (t) whether a structured deposit, financial practice or financial activity poses particular risks to the market or payment systems infrastructure; or (u) whether a structured deposit or financial practice or financial activity could threaten investors' confidence in the financial system.
(a) the degree of complexity of the financial instrument or type of financial activity or practice in relation to the type of clients, as assessed in accordance with point (c), involved in the financial activity or financial practice, or to whom the financial instrument or structured deposit is marketed or sold, taking into account, in particular: the type of the underlying or reference assets and the degree of transparency of the underlying or reference assets; the degree of transparency of costs and charges associated with the financial instrument, structured deposit, financial activity or financial practice, and, in particular, the lack of transparency resulting from multiple layers of costs and charges; the complexity of the performance calculation, taking into account whether the return is dependent on the performance of one or more underlying or reference assets which are in turn affected by other factors or whether the return depends not only on the values of the underlying or reference assets at the initial and maturity dates, but also on the values during the lifetime of the product; the nature and scale of any risks; whether the product or service is bundled with other products or services; the complexity of any terms and conditions;
(b) the size of potential detrimental consequences, considering in particular: the notional value of the financial instrument or of an issuance of structured deposits; the number of clients, investors or market participants involved; the relative share of the product in investors' portfolios; the probability, scale and nature of any detriment, including the amount of loss potentially suffered; the anticipated duration of the detrimental consequences; the volume of the issuance; the number of intermediaries involved; the growth of the market or sales; the average amount invested by each client in the financial instrument or structured deposit; or the coverage level defined in Directive 2014/49/EU, in the case of structured deposits;
(c) the type of clients involved in a financial activity or financial practice or to whom a financial instrument or structured deposit is marketed or sold, taking into account, in particular: whether the client is a retail client, a professional client or an eligible counterparty; clients' skills and abilities, including the level of education, experience with similar financial instruments or structured deposits or selling practices; clients' economic situation, including their income, and wealth; clients' core financial objectives, including pension saving and home ownership financing; whether the product or service is being sold to clients outside the intended target market or where the target market has not been adequately identified; or the eligibility for coverage by a deposit guarantee scheme, in the case of structured deposits;
(d) the degree of transparency of the financial instrument, structured deposit or type of financial activity or practice, taking into account, in particular: the type and transparency of the underlying; any hidden costs and charges; the use of techniques drawing clients' attention but not necessarily reflecting the suitability or overall quality of the product, the financial activity or the financial practice; the nature of risks and transparency of risks; the use of product names or terminology or other information that is misleading by implying a greater level of security or return than those which are actually possible or likely, or which imply product features that do not exist; or in case of structured deposits, whether the identity of deposit takers which might be responsible for the client's deposit, is disclosed;
(e) the particular features or components of the structured deposit, financial instrument, financial activity or financial practice, including any embedded leverage, taking into account, in particular: the leverage inherent in the product; the leverage due to financing; the features of securities financing transactions; or the fact that the value of any underlying is no longer available or reliable;
(f) the existence and degree of disparity between the expected return or profit for investors and the risk of loss in relation to the financial instrument, structured deposit, financial activity or financial practice, taking into account, in particular: the structuring costs of such financial instrument, structured deposit, financial activity or financial practice and other costs; the disparity in relation to the issuer's risk retained by the issuer; or the risk-return profile;
(g) the costs and ease with which investors are able to sell the relevant financial instrument or switch to another financial instrument, or exit a structured deposit, taking into account, in particular, where applicable depending on whether the product is a financial instrument or structured deposit: the bid-ask spread; the frequency of trading availability; the issuance size and size of the secondary market; the presence or absence of liquidity providers or secondary market makers; the features of the trading system; or any other barriers to exit or the fact that early withdrawal is not allowed;
(h) the pricing and associated costs of the structured deposit, financial instrument, financial activity or financial practice, taking into account, in particular: the use of hidden or secondary charges; or charges that do not reflect the level of service provided;
(i) the degree of innovation of a financial instrument or structured deposit, a financial activity or financial practice, taking into account, in particular: the degree of innovation related to the structure of the financial instrument, structured deposit, financial activity or financial practice, including embedding and triggering; the degree of innovation relating to the distribution model or length of the intermediation chain; the extent of innovation diffusion, including whether the financial instrument, structured deposit, financial activity or financial practice is innovative for particular categories of clients; innovation involving leverage; the lack of transparency of the underlying; or the past experience of the market with similar financial instruments, structured deposits or selling practices;
(j) the selling practices associated with the financial instrument or structured deposit, taking into account, in particular: the communication and distribution channels used; the information, marketing or other promotional material associated with the investment; the assumed investment purposes; or whether the decision to buy is secondary or tertiary decision following an earlier purchase;
(k) the financial and business situation of the issuer of a financial instrument or structured deposit, taking into account, in particular: the financial situation of the issuer or any guarantor; or the transparency of the business situation of the issuer or guarantor;
(l) whether there is insufficient, or unreliable, information about a financial instrument or structured deposit, provided either by the manufacturer or the distributors, to enable market participants at whom it is targeted to make an informed decision, taking into account the nature and type of the financial instrument or the structured deposit; (m) whether the financial instrument, structured deposit, financial activity or financial practice poses a high risk to the performance of transactions entered into by participants or investors in the relevant market; (n) whether the financial activity or financial practice would significantly compromise the integrity of the price formation process in the market concerned such that the price or value of the financial instrument or structured deposit in question is no longer determined according to legitimate market forces of supply and demand, or such that market participants are no longer able to rely on the prices formed in that market or in the volumes of trading as a basis for their investment decisions; (o) whether a financial instrument, structured deposit, financial activity or practice would leave the national economy vulnerable to risks; (p) whether the characteristics of a financial instrument or structured deposit make it particularly susceptible to being used for the purposes of financial crime and, in particular whether the characteristics could potentially encourage the use of the financial instrument or structured deposit for: any fraud or dishonesty; misconduct in, or misuse of information, in relation to a financial market; handling the proceeds of crime; the financing of terrorism; or facilitating money laundering;
(q) whether a financial activity or a financial practice poses a particularly high risk to the resilience or smooth operation of markets and their infrastructure; (r) whether a financial instrument, structured deposit, financial activity or financial practice could lead to a significant and artificial disparity between prices of a derivative and those in the underlying market; (s) whether the financial instrument, structured deposit, financial activity or financial practice poses a high risk of disruption to financial institutions deemed to be important to the financial system of the Member State of the relevant competent authority, in particular considering the hedging strategy pursued by financial institutions in relation to the issuance of the structured deposit, including the mispricing of the capital guarantee at maturity or the reputational risks posed by the structured deposit or practice or activity to the financial institutions; (t) the relevance of the distribution of the financial instrument or structured deposit as a funding source for the issuer or financial institutions; (u) whether a financial instrument, structured deposit, financial activity or financial practice poses particular risks to the market or payment systems infrastructure, including trading, clearing and settlement systems; or (v) whether a financial instrument, structured deposit, financial activity or financial practice would threaten investors' confidence in the financial system.
(a) the existence of serious financial, monetary or budgetary problems which could lead to the financial instability of a Member State or a financial institution deemed important to the global financial system, including credit institutions, insurance companies, market infrastructure providers and asset management companies operating within the Union, provided that these problems could threaten the orderly functioning and integrity of financial markets or the stability of the financial system within the Union; (b) a rating action or a default by a Member State or a credit institution or other financial institution deemed important to the global financial system, such as insurance companies, market infrastructure providers and asset management companies operating within the Union, that causes or may reasonably be expected to cause severe uncertainty about their solvency; (c) substantial selling pressures or unusual volatility causing significant downward spirals in any financial instrument related to any credit institution or other financial institutions deemed important to the global financial system, such as insurance companies, market infrastructure providers and asset management companies operating within the Union and sovereign issuers; (d) any damage to the physical structures of important financial issuers, market infrastructures, clearing and settlement systems or competent authorities which may adversely and significantly affect markets in particular where such damage results from a natural disaster or a terrorist attack; (e) a disruption in any payment system or settlement process, in particular where it is related to interbank operations, which causes or may cause significant payments or settlement failures or delays within the Union payment systems, especially when these may lead to the propagation of financial or economic stress in a credit institution or other financial institutions deemed important to the global financial system, such as insurance companies, market infrastructure providers and asset management companies or in a Member State; (f) a significant and abrupt decrease in the supply of a commodity or an increase in the demand of a commodity, which disrupts the supply and demand balance; (g) a significant position in a certain commodity held by one person, or by several persons acting in concert, in one or several trading venues, through one or several market members; (h) an inability of a trading venue to exercise its own position management powers due to a business continuity event.
(a) the nature of the holder of the position, including producers, consumers or financial institution; (b) the maturity of the financial instrument; (c) the size of the position relative to the size of the relevant commodity derivative market; (d) the size of the position relative to the size of the market for the underlying commodity; (e) the direction of the position (short or long) and delta or ranges of delta; (f) the purpose of the position, in particular whether the position serves hedging purposes or whether it is held for financial exposure; (g) the experience of a position holder in holding positions of a given size, or in making or taking delivery of a given commodity; (h) the other positions held by the person in the underlying market or in different maturities of the same derivative; (i) the liquidity of the market and the impact of the measure on other market participants; (j) the method of delivery.
(a) whether the same contract is traded in a different trading venue or OTC; (b) whether a substantially equivalent contract is traded on a different venue or OTC (similar and interrelated, but not considered part of the same fungible open interest); (c) the effects of the decision on the market of the underlying commodity; (d) the effects of the decision on markets and participants not subject to ESMA's position management powers; and (e) the likely effect on the orderly functioning and integrity of the markets absent ESMA action.
(a) where the date on which financial instruments are traded for the first time on a trading venue within the Union is a date not less than 10 weeks prior to the date of application of Regulation (EU) No 600/2014, competent authorities shall publish the result of the assessments no later than four weeks prior to the date of application of Regulation (EU) No 600/2014; (b) where the date on which financial instruments are traded for the first time on a trading venue within the Union is a date falling within the period commencing 10 weeks prior to the date of application of Regulation (EU) No 600/2014 and ending on the day preceding the date of application of Regulation (EU) No 600/2014, competent authorities shall publish the result of the assessments no later than the date of application of Regulation (EU) No 600/2014.
(a) where the date on which financial instruments are traded for the first time on a trading venue within the Union is a date not less than sixteen weeks prior to the date of application of Regulation (EU) No 600/2014, the assessments shall be based on data available for a forty-week reference period commencing fifty-two weeks prior to the date of application of Regulation (EU) No 600/2014; (b) where the date on which financial instruments are traded for the first time on a trading venue within the Union is a date within the period commencing sixteen weeks prior to the date of application of Regulation (EU) No 600/2014 and ending 10 weeks prior to the date of application of Regulation (EU) No 600/2014, the assessments shall be based on data available for the first four week trading period of the financial instrument. (c) where the date on which financial instruments are traded for the first time on a trading venue within the Union is a date falling within the period commencing 10 weeks prior to the date of application of Regulation (EU) No 600/2014 and ending on the day preceding the date of application of Regulation (EU) No 600/2014, the assessments shall be based on the trading history of the financial instruments or other financial instruments considered to have similar characteristics to those financial instruments.
(a) that the information published in accordance with paragraph 1 remains appropriate for the purposes of Article 2(1)(17)(b) of Regulation (EU) No 600/2014; (b) that the information published in accordance with paragraph 1 is updated on the basis of a longer trading period and a more comprehensive trading history, where necessary.
| Symbol | Data Type | Definition |
|---|---|---|
| {ALPHANUM-n} | Up to n alphanumerical characters | Free text field. |
| {ISIN} | 12 alphanumerical characters | ISIN code, as defined in ISO 6166 |
| {MIC} | 4 alphanumerical characters | Market identifier as defined in ISO 10383 |
| {DATEFORMAT} | ISO 8601 date format | |
| {DECIMAL-n/m} | Decimal number of up to n digits in total of which up to m digits can be fraction digits |
|
| # | Field | Details to be reported | Format and standards for reporting |
|---|---|---|---|
| 1 | Instrument identification code | Code used to identify the financial instrument | {ISIN} |
| 2 | Instrument full name | Full name of the financial instrument | {ALPHANUM-350} |
| 3 | Trading venue | Segment MIC for the trading venue, where available, otherwise operational MIC. | {MIC} |
| 4 | MiFIR identifier |
|
|
| 5 | Reporting day |
| {DATEFORMAT} |
| 6 | Number of outstanding instruments | {DECIMAL-18/5} | |
| 7 | Holdings exceeding 5 % of total voting rights | {DECIMAL-18/5} | |
| 8 | Price of the instrument | {DECIMAL-18//13} | |
| 9 | Issuance size | {DECIMAL-18/5} | |
| 10 | Number of trading days in the period | The total number of trading days for which the data is provided | {DECIMAL-18/5} |
| 11 | Total turnover | The total turnover for the period | {DECIMAL-18/5} |
| 12 | Total number of transactions | The total number of transactions for the period | {DECIMAL-18/5} |